Kazakh oil transit via Russian ports in August will slip to 0.82 million tonnes from 0.84 million in July, according to two market sources with the knowledge of the matter.
KEBCO crude loadings from the ports of Ust-Luga and Novorossiisk in August will fall by 2.3% from July on a daily basis, Reuters calculations showed.
KEBCO loadings from Ust-Luga will fall by 0.1 million tonnes to 0.3 million tonnes, while supplies from Novorossiisk will rise by 80.000 tonnes to 0.52 million tonnes. In August Novorossisk will load two Suexmax and three Aframax cargoes of the grade.
Russia’s loading plans for its western ports of Primorsk, Ust-Luga and Novorossiisk for the full month of August were slow to emerge, traders said.
Kazakhstan in June 2022 rebranded its oil transiting Russia as KEBCO (Kazakhstan Export Blend Crude Oil) to distinguish it from Russian Urals.
Sea-borne Russian oil is subject to an EU embargo whereas KEBCO is not as it is of Kazakh origin and may be shipped to EU states.
Source: Reuters (Reporting by Reuters; editing by Jason Neely)